Sensex slumps 192 points, metal stocks drag

Equity benchmark indices extended losses throughout the trading session on Friday with Nifty metal index dropping over 1.13 per cent.

Investors awaited the outcome of a crucial trade meeting between Prime Minister Narendra Modi and US President Donald Trump in the backdrop of skirmishes on tariffs and data storage between the world's two largest democracies.

The BSE S & P Sensex closed 192 points lower at 39,395 while the Nifty 50 was also down by 53 points at 11,789. At the National Stock Exchange (NSE), all sectoral indices except FMCG, PSU banks and realty were in the red at closing.

Among stocks, home loan lender DHFL tumbled 11.7 per cent to Rs 72.10 after the company deferred Q4 earnings announcement. And Cox & Kings were locked in the 10 per cent lower circuit to quote at Rs 36 apiece after the company defaulted on commercial paper worth Rs 150 crore.

Yes Bank dropped 3.5 per cent, Indiabulls Housing Finance 3.3 per cent, Bharti Infratel 3 per cent, Coal India 2.3 per cent and IndusInd Bank 2 per cent.

However, those which showed gains were GAIL, Bajaj Finance, Axis Bank and Adani Ports.

Meanwhile, Asian shares stumbled amid rising doubts that the anticipated meeting between Trump and Chinese President Xi Jinping this weekend could lead to an easing of trade tensions.

The uncertainty over whether the talks will see any progress over ending the year-long trade war between the world's two largest economies comes amid signs of rising risks to global growth.